Wednesday, June 03, 2009

Kimco Drops Apartment Plan for Wilde Lake

According to this story by Derek Simmonsen in The Columbia Flier, Kimco Realty Corporation, the owner of the Wilde Lake Village Center, has abandoned plans to redevelop the center with 500 apartments and a scaled down retail component.

“When we first started this, the marketplace was different than it is today,” explained Geoffrey Glazer, Kimco’s vice president of acquisitions and development, at a meeting Monday at the village center’s Slayton House.

“I have no idea what the concept is (now),” he added. “The economy keeps changing on me and I don’t have all the answers because they keep evolving.”

Given the current situation in the credit markets, the availability of financing for the project was probably questionable.

Kimco will, however continue to advocate for the passage of Council Bill 29 (ZRA 102).


TrustYetVerify said...

This is a calculated maneuver to remove the incendiary aspect of ZRA 102. Kimco is segmenting the process into using the Council to get away from the gatekeeper (GGP) and then going to the Zoning Board for change/mistake rezoning.

Anonymous said...

I thought the same thing as anon 10:34. Too late, though. Can't unring the bell of intentions displayed.

Anonymous said...

Please....spare us the conspiracy theories TrustYetVerify, a calculated maneuver...Do you really believe yourself? I understand that Kimco was prepared to invest $50Million+ in the Wilde Lake Village Center/Community but certain folks have done nothing but put up road blocks to slow the zoning change process without even giving Kimco the chance to formally propose their plan for redevelopment (which would have been putting the cart before the horse if you didn't realize it). Too bad for the Wilde Lake community, as that could have been the greatest thing since sliced bread for Columbia. Don't blame Kimco if they continue to be unable to attract new quality tenants to a 45 year old shopping center.

Anonymous said...

“I have no idea what the concept is (now),..”

Regardless of the economy's shifts, there are other firms that have continued to correctly understand the particular consumer demands that have remained static and thus continue with their firms' successful plans to expand, build, and profit by meeting those demands. Just look up which companies have opened dozens or hundreds of new locations in the past year and are proceeding with plans to build and open dozens or hundreds of new locations in the coming year. Those firms, because of their fruitful business plans, continue to remain liquid and are able to proceed with new projects.

WL's needs and market match some of those firms' offerings. Opportunity knocks. Anyone home?

Anonymous said...

What, like these?

Tom said...

So how about a small business development park in Wilde Lake village Center? You could add some small shops and services on the ground floors of the buildings.

220 units for over 55's is so yesterday and already being done all over the county.

Please, think future, not past. Remember ZRA 102 is about nine Village Centers not one.